https://www.taxtmi.com/caselaws?id=761656 ITAT Cochin allowed the assessee's appeal regarding disallowance of provision for bad and doubtful debts. The tribunal found that the assessee had properly written off debts by debiting the P&L account and adjusting the balance sheet, with debtor accounts closed through necessary entries. The CIT(A) failed to properly consider the records demonstrating the write-off. Following the SC precedent in Vijaya Bank, the tribunal held that individual debtor account closure was not mandatory for section 36(1)(vii) deduction, provided the amounts were written off in books and reflected in financial statements. en-us Tue, 12 Nov 2024 00:00:00 +0530 Wed, 13 Nov 2024 16:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761656 ITAT Cochin allowed the assessee's appeal regarding disallowance of provision for bad and doubtful debts. The tribunal found that the assessee had properly written off debts by debiting the P&L account and adjusting the balance sheet, with debtor accounts closed through necessary entries. The CIT(A) failed to properly consider the records demonstrating the write-off. Following the SC precedent in Vijaya Bank, the tribunal held that individual debtor account closure was not mandatory for section 36(1)(vii) deduction, provided the amounts were written off in books and reflected in financial statements. Case-Laws Income Tax Tue, 12 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761656